The Turkish Lira Is Taking Another Beating

Wednesday

Feb 26, 2014 at 1:41 PM

Mamta Badkar

The U.S. dollar is up 1.3% against the Turkish Lira.

Turkey continues to face political strife. It was reported yesterday that there were recordings of Turkish prime minister Recep Tayyip Erdogan talking to his son about how to hide a large amount of money. That triggered protests across the country.

But Turkey has also struggled domestically since the Istanbul riots last summer. Confidence in the government has also waned after a December corruption probe.

To top it all off investors are worried about the country's wide current account deficit and its construction-fueled growth.

Meanwhile, the European Commission cut its 2014 GDP forecast for Turkey to 2.5%, down from 3%.

Here's a look at the intra-day chart showing the run-up of the USD against the lira:

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